BTC reaches $23,400 which is an all-time high above the initially hit $23,000 level, increasing by 12% and breaking multiple hurdles above $20,000 against the US dollar. BTC is now showing strong bullish signs and it will likely continue rising in the near-term so let’s find out more in today’s exciting Bitcoin news today.
Bitcoin started a strong surge today after managing to clear the $19,800 and the $20,000 resistance levels the price is now well above the $22,000 level and the 100 hourly simple moving average. There was also a break above the bullish continuation patterns of $19,754 and $20,900 on the hourly charts of the pair which is able to correct lower but the downsides could find support near the $21,600.
There was a clear break in the price yesterday above the $20,000 resistance levels and as a result, bitcoin went past it in the new way up. The price traded to a new all-time high and settled above the 100 hourly simple moving average with the bulls still being in action as they managed to pump the price above $22,000. During the increase, there was a bullish continuation pattern forming near the $19,754 and $20,900 on the hourly charts of the pair.
Now, BTC reaches $23,400 and sets a new all-time high after breaking the $22,182 level recently. It is consolidating the gains and treading the $23,400 while on the downside, the initial support is set at $22,000 and close to the 50% fib retracement level from the recent surge from the $21,251 swing low to $22,182 high. On the upside, Bitcoin’s price could face resistance near the $22,000 and the $22,450 levels with more upsides that could lead the price towards $23,400 in the near-term. If BTC starts a new short-term downside correction, it could land on the $21,700 level with the first key support nearing the $21,600 level.
The 61.8% fib retracement level from the recent surge from the $21,251 swing low to the $22,182 high is nearing the $21,600 level to provide support. More losses could call for a test of the $21,000 zone in the near-term with the hourly MACD showing positive signs in the bullish zones while the RSI for the pair is in the overbought territory. The major support levels are set at $21,700 while the major resistance levels are set at $22,200 and $22,450.
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